tax credit from condo hallway refurb
As income tax filing time for Canadians approaches, if you personally didn’t do any major permanent improvements to your condo unit this past year that amount to more than $1,000 you’re probably thinking that you can’t take advantage of the CRA Home Renovation Tax Credit (HRTC) for the 2009 taxation year. Don’t dismiss that idea so quickly. If you are an owner of a condo unit in a building where eligible permanent improvements were made to common areas and elements, the cost of which was paid for out of the operating budget / reserve fund of your condo corporation to which you have made contributions through your condo fees, you may be entitled to claim your portion of the eligible expenses. Speak to your condo corporation representative for full details and to request a receipt of your portion of the eligible HRTC expenses. My condo corporation completed a number of improvements that qualify for the HRTC, including renovating the hallway of each floor. I am thrilled with the updated décor (here are the before and after shots) and with the credit that I can apply to my 2009 income tax return.